Q1 2026 Universal Technical Institute Inc Earnings Call

February 4, 2026

Speaker #1: Good afternoon, and welcome to the Universal Technical Institute first quarter 2026 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.

Speaker #1: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad.

Speaker #1: To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Matt Kempton, Vice President of Corporate Finance and Investor Relations.

Operator: Please note, this event is being recorded. I would now like to turn the conference over to Matt Kempton, Vice President of Corporate Finance and Investor Relations. Please go ahead.

[Company Representative] (Universal Technical Institute): Please note, this event is being recorded. I would now like to turn the conference over to Matt Kempton, Vice President of Corporate Finance and Investor Relations. Please go ahead.

Speaker #1: Please go ahead.

Speaker #2: Hello and welcome to UNIVERSAL TECHNICAL INSTITUTE's fiscal first quarter 2026 earnings call. Joining me today are CEO Jerome Grant and CFO Bruce Schuman. Following our prepared remarks, we will open the call for your questions.

Matt Kempton: Hello, and welcome to Universal Technical Institute's Fiscal Q1 2026 Earnings Call. Joining me today are our CEO, Jerome Grant, and CFO, Bruce Schuman. Following our prepared remarks, we will open the call for your questions. A replay of this call, its transcript, and our investor presentation will be archived on the investor relations section of our website at investor.uti.edu, along with our earnings release issued earlier today and furnished to the SEC. During this call, we may make comments that contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which, by their nature, address matters that are in the future and are uncertain. These statements reflect management's current beliefs and expectations and are subject to a number of factors that may cause actual results to differ materially from those statements.

Speaker #2: A replay of this call is transcribed, and our investor presentation will be archived on the Investor Relations section of our website at investor.uti.edu, along with our earnings release issued earlier today and furnished to the SEC.

Speaker #2: During this call, we may make comments that contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which, by their nature, address matters that are in the future and are uncertain.

Speaker #2: These statements reflect management's current beliefs and expectations and are subject to a number of factors that may cause actual results to differ materially from those statements.

Speaker #2: These factors include, but are not limited to, those discussed in our earnings release and SEC filings. These statements do not guarantee future performance and therefore undo reliance should not be placed upon them.

Matt Kempton: These factors include, but are not limited to, those discussed in our earnings release and SEC filings. These statements do not guarantee future performance, and therefore undue reliance should not be placed upon them. We do not intend to update these forward-looking statements as a result of new information or future developments, except as required by law. Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of fiscal 2025. The information presented today also includes non-GAAP financial measures. These should be viewed in addition to, and not as a substitute for, the company's reported results prepared in accordance with US GAAP. All non-GAAP financial measures referenced in today's call are reconciled in our earnings press release to the most directly comparable GAAP measure.

Speaker #2: We do not intend to update these forward-looking statements as a result of new information or future developments, except as required by law. Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of fiscal 2025.

Speaker #2: The information presented today also includes non-GAAP financial measures. These should be viewed in addition to and not as a substitute for the companies reported results prepared in accordance with US GAAP.

Speaker #2: All non-GAAP financial measures referenced in today's call are reconciled in our earnings press release to the most directly comparable GAAP measure. For more information regarding definitions of our non-GAAP measures, please see our earnings release, financial supplement, and investor presentation.

Matt Kempton: For more information regarding definitions of our Non-GAAP measures, please see our earnings release, financial supplement, and investor presentation. With that, I will turn the call over to Jerome Grant, CEO of Universal Technical Institute, for his prepared remarks. Jerome?

Speaker #2: With that, I will turn the call over to Jerome Grant, CEO of UNIVERSAL TECHNICAL INSTITUTE, for his prepared remarks.

Speaker #2: Jerome? Thank you, Matt.

Jerome Grant: Thank you, Matt. Good afternoon, everyone, and thank you for joining us. In just a few minutes, our CFO, Bruce Schuman, will go into more details from a financial perspective. Prior to that, I'd like to share some thoughts in our three areas of focus: performance of the company, execution of our North Star strategic plan, and finally, opportunities we're exploring to move beyond that plan. First, performance. As we begin fiscal 2026, we're performing with clarity and momentum against a well-defined strategy. We entered the year on strong operational and financial footing, and Q1 tracked in line with our plans and exceeded our expectations for disciplined execution. Revenue for Q1 grew 10% to $221 million. Our baseline Adjusted EBITDA was nearly $35 million, including over $7 million in growth investments. Our reported Adjusted EBITDA was $27 million.

Speaker #3: Good afternoon, everyone, and thank you for joining us. In just a few minutes, our CFO, Bruce Schuman, will go into more details from a financial perspective.

Speaker #3: Prior to that, I'd like to share some thoughts in our three areas of focus. Performance of the company, execution of our Northstar strategic plan, and finally, opportunities we're exploring to move beyond that plan.

Speaker #3: First, performance. As we begin fiscal 2026, we're performing with clarity and momentum against a well-defined strategy. We entered the year on strong operational and financial footing and the first quarter tracked in line with our plans and exceeded our expectations for discipline execution.

Speaker #3: Revenue for the first quarter grew 10% to $221 million. Our baseline adjusted EBITDA was nearly $35 million. Including over $7 million in growth investments, our reported adjusted EBITDA was $27 million.

Speaker #3: Average full-time active students increased 7%, with total new student starts growing roughly 3% year over year, which is right in line with our and broader market expectations.

Jerome Grant: Average full-time active students increased 7%, with total new student starts growing roughly 3% year-over-year, which is right in line with our and broader market expectations. These results position us well for acceleration as fiscal 2026 unfolds. Overall, we delivered a strong start to the year, and the progress we made this quarter reinforces the durability of our North Star Strategy. With that strong performance in the first quarter, we remain confident in our expectations for the full year. To reiterate, in fiscal 2026, we expect revenue to be between $905 and $915 million, reflecting approximately 9% year-over-year growth at the midpoint.

Speaker #3: These results position us well for acceleration as fiscal 2026 unfolds. Overall, we delivered a strong start to the year and the progress we made this quarter reinforces the durability of our Northstar strategy.

Speaker #3: With that strong performance in the first quarter, we remain confident in our expectations for the full year. To reiterate, in fiscal 2026, we expect revenue to be between $905 million and $915 million.

Speaker #3: Reflecting approximately 9% year-over-year growth at the midpoint. Our baseline adjusted EBITDA is anticipated to be approximately $156 million. With approximately $40 million in growth investments related to launching and scaling new campuses and programs, our reported adjusted EBITDA is expected to range between $114 million and $119 million.

Jerome Grant: Our baseline adjusted EBITDA is anticipated to be approximately $156 million, with approximately $40 million in growth investments related to launching and scaling new campuses and programs. Our reported adjusted EBITDA is expected to range between $114 and $119 million. New student starts are also on track and are anticipated to be between 31,500 and 33,000. As Bruce will discuss in more depth, our guidance appropriately reflects the balance between near-term performance and long-term value creation. It is important to note that while driving double-digit growth in revenue and baseline EBITDA, as well as strong student start growth in 2026, our team remains intensely focused on delivering the impressive student and employer outcomes that have been the cornerstone of our over 60 years history.

Speaker #3: New student starts are also on track and are anticipated to be between $31,500 and $33,000. As Bruce will discuss in more depth, our guidance appropriately reflects the balance between near-term performance and long-term value creation.

Speaker #3: It is important to note that, while driving double-digit growth in revenue and baseline EBITDA, as well as strong student start growth in 2026, our team remains intensely focused on delivering the impressive student and employer outcomes that have been the cornerstone of our over 60 years' history.

Speaker #3: Moving now to our strategic execution during the quarter, which is guided by our Northstar strategy, we are continuing to build and further scale a durable, repeatable growth engine through our discipline and proven operating model.

Jerome Grant: Moving now to our strategic execution during the quarter, which is guided by our North Star Strategy, we are continuing to build and further scale a durable, repeatable growth engine through our disciplined and proven operating model. This approach is guided by a refined and continually evolving playbook for launching campuses, replicating and expanding programs on our existing campuses, and optimizing performance, which allows us to reproduce success with consistency as we grow. Our most recent campus launches, UTI Austin and Miramar, are excellent representations of this strategy's success. Both Austin and Miramar continue to meet and exceed our expectations, validating our approach to site selection, program mix, marketing, and ramp timing, all while driving strong student outcomes. In Miramar, we have over 600 average full-time active students.

Speaker #3: This approach is guided by a refined and continually evolving playbook for launching campuses, replicating and expanding programs on our existing campuses, and optimizing performance.

Speaker #3: Which allows us to reproduce success with consistency as we grow. Our most recent campus launches UTI Austin and Miramar are excellent representations of the strategy's success.

Speaker #3: Both Austin and Miramar continue to meet and exceed our expectations. Validating our approach to site selection, program mix, marketing, and ramp timing, all while driving strong student outcomes.

Speaker #3: In Miramar, we have over 600 average full-time active students. We are adding additional sessions for the automotive program and are actively pursuing expansion of the capacity-constrained aviation maintenance technology program at that campus.

Jerome Grant: We are adding additional sessions for the automotive program and are actively pursuing expansion of the capacity-constrained Aviation Maintenance Technology program at that campus. Austin continues to perform significantly beyond our expectations, with over 1,000 average full-time active students, which is 70% higher than we modeled. The performance of our campuses gives us confidence that our new facilities can scale efficiently while generating attractive long-term returns. As we announced on our Q4 and full year 2025 call, over the next several years, we plan to open up a minimum of two and up to five new campuses annually, pending regulatory approval. The first of our fiscal 2026 campuses, our Heartland Concorde co-branded campus in Fort Myers, Florida, just opened in November. Demand has already exceeded our expectations, with programs filling to capacity within two weeks of opening. We already have waiting lists in place.

Speaker #3: Austin continues to perform significantly beyond our expectations with over 1,000 average full-time active students, which is 70% higher than we modeled. The performance of our campuses gives us confidence that our new facilities can scale efficiently while generating attractive long-term returns.

Speaker #3: As we announced on our Q4 and full year 2025 call, over the next several years, we plan to open a minimum of two and up to five new campus annually, pending regulatory approval.

Speaker #3: The first of our fiscal 2026 campuses are Heartland Concord co-branded campus in Fort Myers, Florida, just opened in November. Demand has already exceeded our expectations with programs filling the capacity within two weeks of opening.

Speaker #3: We already have waiting lists in place. In San Antonio, we are approximately a month away from opening the doors to our new skilled trades and aviation-focused campus.

Jerome Grant: In San Antonio, we're approximately a month away from opening the doors to our new skilled trades and aviation-focused campus. Our recruiting efforts are going quite well for the initial start in March. As a matter of fact, we already have over 300 students ready to start. There's particularly keen interest in welding and HVACR in San Antonio. To remind you, this campus is slated to train over 600 students annually and generate approximately $32 million in run rate revenue at scale, and it further diversifies UTI's geographic footprint in a high-demand region. We are also preparing to open our UTI Atlanta location, a comprehensive campus in a greenfield state. This facility will offer a comprehensive collection of our strongest UTI programs, including auto, diesel, aviation, and the trades.

Speaker #3: Our recruiting efforts are going quite well for the initial start in March, as a matter of fact, we're already have over 300 students ready to start.

Speaker #3: There's particularly keen interest in welding and HVACR in San Antonio. To remind you, this campus is slated to train over 600 students annually and generate approximately $32 million in run rate revenue at scale and it further diversifies UTI's geographic footprint in high-demand region.

Speaker #3: We are also preparing to open our UTI Atlanta location, a comprehensive campus in a greenfield state. This facility will offer a comprehensive collection of our strongest UTI programs including auto, diesel, aviation, and the trades.

Speaker #3: The UTI division team is projecting to enroll over 1,200 students and generate upwards of $45 million in run rate revenue at scale. And the campus remains on track to launch in the second half of the fiscal year.

Jerome Grant: The UTI division team is projecting to enroll over 1,200 students and generate upwards of $45 million in run rate revenue at scale, and the campus remains on track to launch in the second half of the fiscal year. The Atlanta campus has been actively recruiting for approximately one month, and student interest is quite impressive, indicating strong interest in that market. Looking beyond this year, our next wave of campuses, slated for fiscal 2027, are also tracking well. To date, for fiscal 2027, we have announced our intention to open a comprehensive UTI campus in Salt Lake City, as well as Concorde campuses in the Houston, Atlanta, and Phoenix metropolitan areas. As always, the exact launch timelines on these are based on securing various regulatory approvals.

Speaker #3: The Atlanta campus has been actively recruiting for approximately one month and student interest is quite impressive. Indicating strong interest in that market. Looking beyond this year, our next wave of campuses slated for fiscal 2027 are also tracking well.

Speaker #3: To date, for fiscal 2027, we have announced our intention to open a comprehensive UTI campus in Salt Lake City, as well as Concorde campuses in the Houston, Atlanta, and Phoenix metropolitan areas.

Speaker #3: As always, the exact launch timelines on these are based on securing various regulatory approvals. We look forward to providing further updates on these and our other planned future locations as we continue to execute on our Northstar strategy.

Jerome Grant: We look forward to providing further updates on these and our other planned future locations as we continue to execute on our North Star Strategy. Alongside new campuses, we continue to scale our rich program portfolio. Throughout phase two of North Star, we plan to launch between 12 and 20 new programs across the UTI and Concorde divisions annually. This year, we'll be launching over 20 programs, with at least 10 coming from each division. Across our UTI campuses in 2026, we plan to launch 12 programs, 2 HVACR, 1 aviation maintenance, and 9 programs in our electrical suite, which includes industrial maintenance, robotics and automation, as well as wind turbine technology. Adding UTI programs continues to optimize the legacy UTI campuses.

Speaker #3: Alongside new campuses, we continue to scale our rich program portfolio. Throughout phase two of Northstar, we plan to launch between 12 and 20 new programs across the UTI and Concord divisions annually.

Speaker #3: This year, we'll be launching over 20 programs, with at least 10 coming from each division. Across our UTI campuses in '26, we plan to launch 12 programs: two HVACR, one aviation maintenance, and nine programs in our electrical suite.

Speaker #3: Which includes industrial maintenance, robotics and automation, as well as wind turbine UTI programs continues to optimize the technology. Adding legacy UTI campuses. These in-demand skilled trades programs were brought to us through the MIT acquisition and are addressing the diverse interests expressed by the nearly 600,000 young people who inquire at UTI annually.

Jerome Grant: These in-demand skilled trades programs were brought to us through the MIAT acquisition and are addressing the diverse interest expressed by the nearly 600,000 young people who inquire at UTI annually. One example of this optimization effort is our October announcement, which we outlined the new programs being launched at UTI Dallas campus. At scale, the expanded Dallas campus, which currently offers auto, diesel, and welding to nearly 1,200 students annually, will now be able to serve an additional 1,000 students and will offer HVACR, aviation, and electrical programs beginning in the coming weeks. With the Concorde acquisition-related growth restrictions in our rearview mirror, we're now set to launch at least 10 new programs in high-demand areas on the legacy Concorde campuses in 2026. These include eight radiation technology programs, as well as one surgical technology program, and one diagnostic medical sonography program.

Speaker #3: One example of this optimization effort is our October announcement, in which we outlined the new programs being launched at the UTI Dallas campus. At scale, the expanded Dallas campus, which currently offers auto, diesel, and welding to nearly 1,200 students annually, will now be able to serve an additional 1,000 students and will offer HVACR, aviation, and electrical programs beginning in the coming weeks.

Speaker #3: With the Concord acquisition-related growth restrictions in our rearview mirror, we're now set to launch at least 10 new programs in high-demand areas on the legacy Concord campuses in 2026.

Speaker #3: These include eight radiation technology programs, as well as one surgical technology program and one diagnostic medical sonography program. All of our program replication initiatives are tightly aligned with employer demand and workforce shortages, and build on capabilities we already know how to deliver well.

Jerome Grant: All of our program replication initiatives are tightly aligned with employer demand and workforce shortages and build on capabilities we already know how to deliver well. In addition to opening new campuses and replicating programs on existing campuses, we remain focused on executing on our plan to continue to optimize our 33 facilities to enhance operations, maintain high-level outcomes, maximize our resources, and ultimately improve margins. Specifically, this work focuses on expanding capacity for popular programs that have wait list building, programs such as aviation, HVACR, and welding on our UTI campuses, and dental hygiene on our Concorde campuses. To recap, the business is performing quite well, and the North Star Strategy is progressing on track due to our continued focus on execution and strong market demand for our graduates.

Speaker #3: In addition to opening new campuses and replicating programs on existing campuses, we remain focused on executing on our plan to continue to optimize our 33 facilities to enhance operations, maintain high-level outcomes, maximize our resources, and ultimately improve margins.

Speaker #3: Specifically, this work focuses on expanding capacity for popular programs that have waitlist building, programs such as aviation, HVACR, and welding on our UTI campuses, and dental hygiene on our Concord campuses.

Speaker #3: To recap, the business is performing quite well, and the Northstar strategy is progressing on track due to our continued focus on execution and strong market demand for our graduates.

Speaker #3: I'll conclude my remarks by addressing a question that would consistently come in while we were out talking to both new and existing investors: What else?

Jerome Grant: I'll conclude my remarks by addressing a question that we're consistently getting while we're out talking to both new and existing investors: What else? Acknowledging that performing at a high level and executing on our aggressive organic growth strategy needs to remain the primary focus, we're also keeping our eyes on future opportunities we see on the horizon. First, on the regulatory front, with the new level of collaboration in Washington, we're now actively participating in dialogue as rules, guidelines, and policies are being developed that foster the opportunity to accelerate closing the gap with respect to the American skilled labor workforce in new and innovative ways. For example, the success of our Heartland partnership is already spurring evaluation of collaborative expansion opportunities with Heartland and other dental service organizations, as well as other large-scale employers across both divisions who are experiencing similar labor shortages...

Speaker #3: Acknowledging that performing at a high level and executing on our aggressive organic growth strategy needs to remain the primary focus, we're also keeping our eyes on future opportunities we see on the horizon.

Speaker #3: First, on the regulatory front, with the new level of collaboration in Washington, we're now actively participating in dialogue as rules, guidelines, and policies are being developed that foster the opportunity to accelerate closing the gap with respect to the American skilled labor workforce in new and innovative ways.

Speaker #3: For example, the success of our Heartland partnership has already spurring evaluation of collaborative expansion opportunities with Heartland and other dental service organizations. As well as other large-scale employers across

Speaker #1: divisions experiencing similar Both labor shortages who are Furthermore , this as a acknowledged us space . leader in Knowledged us as a leader in this space and the we play role this in securing America's workforce for the future .

Jerome Grant: Furthermore, this administration has acknowledged us as a leader in this space and the critical role we play in securing America's workforce for the future. That recognition, combined with the level of engagement in Washington, supports our ability to open new campuses, expand program offerings, and innovate thoughtfully within a highly regulated environment with greater speed and consistency. From an inorganic standpoint, we continue to actively evaluate opportunities that align with our North Star Strategy, particularly in the areas that enhance our healthcare portfolio. In conclusion, we are executing from a strong operational and financial foundation, and we believe fiscal 2026 represents an important year of both investment and execution that sets the stage for accelerated returns in the years ahead as these initiatives take scale.

Speaker #1: That recognition, combined with the level of engagement in Washington, supports our ability to open new campuses and expand program offerings, and innovate thoughtfully within a highly regulated environment with greater speed and consistency.

Speaker #1: From an inorganic standpoint , we continue to evaluate actively opportunities that align with our North Star strategy , particularly in the areas that enhance our healthcare portfolio .

Speaker #1: conclusion , we are In executing from a strong operational and financial foundation , and we believe fiscal 2026 represents an important year of both investment and .

Speaker #1: That sets the stage for accelerated returns in the execution years ahead . As these initiatives take scale . With that , I'll turn the call over to Bruce , our CFO , to review our first quarter financials and provide you with further details on our guidance .

Jerome Grant: With that, I'll turn the call over to Bruce, our CFO, to review our first quarter financials and provide you with further details on our guidance. Bruce?

Speaker #1: Bruce

Speaker #1: . Thank you .

Bruce Schuman: Thank you, Jerome. The fiscal Q1 represented a strong start to the year on average full-time active students, revenue, and Adjusted EBITDA as we continued executing the priorities of our North Star Strategy. Importantly, these results were delivered while we began deploying the significant growth investments we outlined last quarter, investments that support new campus launches, program expansions, and long-term capacity creation across both UTI and Concorde. In the first quarter, total average full-time active students grew 7.2% year over year to 26,858, while total new student starts increased 2.6% to 5,449, in line with the outlook we shared last quarter. As we've mentioned previously, average full-time active students is how revenue is derived, and therefore often a more direct and consistent indicator of revenue and operating performance than new student starts.

Speaker #2: Jerome: The fiscal first quarter represented a strong start to the year. On average, full-time active students, revenue, and adjusted EBITDA all saw improvement.

Speaker #2: As we continued executing the priorities of our North Star strategy . Importantly , these results were delivered while we began deploying the significant growth investments outlined we last quarter .

Speaker #2: Investments that support new campus launches , program expansions , and long term capacity creation across both UTI and Concord . In the first quarter , total average full time active students grew 7.2% year over year to 26,858 , while total new student starts increased 2.6% to 5449 .

Speaker #2: In line outlook we shared with the last quarter . As we've mentioned previously , average full time active is how students revenue is derived and therefore direct a more consistent often and indicator of revenue and operating performance than new student starts .

Bruce Schuman: Further, prioritizing total new student starts as a company rather than at the divisional level, provides us the flexibility to allocate marketing and growth investments where we see the greatest return potential, even if that results in uneven start growth between divisions in a given period. The Concorde division generated a 9.5% increase in average full-time active students. This growth was driven by sustained demand for our programs, particularly across nursing and allied health. The UTI division grew average full-time active students 5.7% year-over-year for the quarter, reflecting continued strength across the division's program suite and employer demand, as well as further optimized campus utilization. Shifting to our financial performance, Q1 revenue on a consolidated basis increased 9.6% to $220.8 million.

Speaker #2: Further prioritizing total new starts as a company rather than at divisional level . the Provides us the flexibility to allocate marketing and growth investments where we see the greatest return that even if result in uneven start growth between divisions given period in a .

Speaker #2: The Division generated a 9.5% increase in average full time active students . This growth was driven by sustained demand for our programs , particularly across nursing and allied health .

Speaker #2: The UT Division grew average full-time active students 5.7% year over year for the quarter, reflecting continued strength across the division's program suite and employer demand.

Speaker #2: As well as further optimized utilization . Shifting to our financial performance , first quarter campus consolidated basis increased 9.6% to revenue on a $220.8 million .

Bruce Schuman: Concorde contributed $78 million, an increase of 11.5% over the prior-year quarter, while the UTI division contributed $142.8 million, an increase of 8.6% over the prior-year quarter. Turning to profitability, consolidated net income for Q1 was $12.8 million, or 23 cents per diluted share. Baseline adjusted EBITDA for Q1 was $34.7 million, including $7.6 million in growth investments. Our SEC-reported adjusted EBITDA for the quarter was $27.1 million. At the end of the quarter, we had 55 million shares outstanding. Total available liquidity at the end of the quarter was $233.2 million, including $69.2 million of short-term investments and $70.4 million of remaining capacity on our revolving credit facility.

Speaker #2: Concord contributed $78 million , an increase of prior year quarter , while the UT 11.5% over the division contributed $142.8 million , an increase of 8.6% over the prior year quarter .

Speaker #2: Turning to profitability, consolidated net income for the first quarter was $12.8 million, or per diluted share. Baseline adjusted EBITDA for the first quarter was $34.7 million, including $7.6 million in growth investments.

Speaker #2: Our SEC reported adjusted EBITDA for the quarter was $27.1 million . At the end of the quarter , we had 55 million shares outstanding total liquidity at the end of the quarter was $233.2 million , including 69.2 million of short term and investments 70.4 million of capacity remaining on our revolving credit facility .

Bruce Schuman: Year-to-date capital expenditures were $24 million, or 24% of our expected spend for the year. As Jerome mentioned, with our solid first quarter results, we are reiterating our fiscal 2026 guidance. We continue to expect consolidated revenue to range from $905 to 915 million for fiscal 2026, or approximately 9% year-over-year growth at the midpoint. As I shared last quarter, for Q2 and Q3, we expect mid to high single-digit revenue growth, with Q3 being slightly higher than Q2. Q4 is anticipated to be the highest revenue growth quarter in the low double-digit range. Net income is expected to be between $40 million and $45 million, with diluted earnings per share of $0.71 to $0.80.

Speaker #2: Year to date , capital expenditures were $24 million , or 24% of our expected the spend for year . As Jerome mentioned with our solid first quarter results , we are reiterating our fiscal 2026 guidance .

Speaker #2: We continue to expect consolidated revenue to range from 905 to $915 million for or fiscal 2026 , approximately 9% year over year growth at the midpoint .

Speaker #2: As I shared last quarter, for quarters two and three, we expect mid- to high-single-digit revenue growth, with Q3 being slightly higher than Q2.

Speaker #2: Q4 is anticipated to be the highest revenue growth quarter in the low double digit range . Net is income be expected to between 40 million and $45 million , with diluted earnings per share of 71 to $0.80 .

Bruce Schuman: As I also shared last quarter, while revenue will be up every quarter, as we make our significant growth investments this year, net income will contract further in Q2. This will improve slightly in Q3, though we still expect year-over-year contraction. In Q4, we expect low to mid double-digit growth. Baseline Adjusted EBITDA is anticipated to exceed $150 million, including approximately $40 million in growth investments, our SEC reported Adjusted EBITDA is expected to be between $114 and $119 million. Similar to net income, as we make our significant growth investments this year, Adjusted EBITDA will contract more strongly in Q2 than it did in Q1, but then yield mid to high single-digit growth in Q3 and significantly stronger growth in Q4. As a reminder, growth investments are not added back when calculating our Adjusted EBITDA...

Speaker #2: As I also shared revenue last quarter , while will be up every as we make quarter our significant growth investments this year , net income will contract further in Q2 .

Speaker #2: This will improve slightly in Q3 , though we we still expect year over year contraction in Q4 . We expect low to mid double digit growth .

Speaker #2: Baseline adjusted EBITDA is anticipated to exceed $150 million, including approximately $40 million in growth, our investments. SEC reported adjusted EBITDA is expected to be between $114 and $119 million, to net similar income.

Speaker #2: As our we make growth investments significant this year , adjusted EBITDA will contract more strongly in Q2 than it did Q1 in . But then yield high mid to single digit growth in Q3 and significantly stronger growth in Q4 .

Speaker #2: As a reminder, growth investments are not added back when EBITDA is adjusted. Calculating our total new student starts, we expect to be between 31,000 and 33,000.

Bruce Schuman: Total new student starts are expected to be between 31,500 and 33,000. We anticipate low to mid double-digit starts growth in Q2, and mid to high single digit growth in the remaining quarters. Looking beyond fiscal 2026, our long-term financial framework under our North Star Strategy remains unchanged. We continue to target revenue of more than $1.2 billion by fiscal 2029, representing roughly a 10% revenue CAGR through that period, and Adjusted EBITDA approaching $220 million by that same year. We expect revenue growth to begin accelerating in fiscal 2027, with marginal EBITDA dollar growth emerging in 2027 and accelerating more significantly in 2028 and 2029. As a reminder, margin expansion will not be linear, given the multi-year campus build cycle and upfront investment requirements.

Speaker #2: We anticipate low to mid double digit starts growth in Q2 and mid to high single digit growth in the remaining quarters . Looking beyond fiscal 2026 , our long term financial framework under our North Star strategy remains unchanged .

Speaker #2: We continue to target revenue of more than $1.2 billion by fiscal 2029 , representing roughly a 10% revenue cagar through that period . And adjusted EBITDA approaching $220 million by that same year .

Speaker #2: expect We revenue growth accelerating in fiscal 2027 , with to begin marginal EBITDA dollar growth in emerging 2027 and accelerating more significantly in 2028 and 2029 .

Speaker #2: As a reminder , margin expansion will linear given the multi-year campus upfront cycle and build investment requirements , and we continue to plan for $100 million or more of annual CapEx to support new campuses and program expansions .

Bruce Schuman: We continue to plan for $100 million or more of annual CapEx to support new campuses and program expansions. While the majority of the execution on our enrollments and revenue remains to be achieved this year, Q1 marked a strong and encouraging start to our fiscal 2026. We delivered on our revenue and adjusted EBITDA commitments while advancing critical work for our North Star Strategy. Our financial position provides the capacity to execute these expansion efforts without compromising discipline, and the early performance indicators from our newest campuses reinforces our confidence in the repeatability of our model. We remain focused on converting these investments into sustainable enrollment growth, operating leverage, and long-term shareholder value. In addition to this earnings call transcript, we encourage everyone to review our press release, financial supplement, investor presentation, and upcoming 10-Q filing.

Speaker #2: While the majority of the execution on our enrollments and revenue remains to be achieved this year, the first quarter marked a strong and encouraging start to our 2026.

Speaker #2: We delivered on our revenue and EBITDA adjusted commitments while advancing critical work for our North Star strategy. Our financial position provides the capacity to execute these and our expansion efforts without compromising discipline, and the early indicators of performance from our newest campuses reinforces our confidence in the repeatability of our model.

Speaker #2: We remain focused on converting these investments sustainable into enrollment growth , operating leverage and long term shareholder value . In addition to this earnings call .

Speaker #2: Transcript . We encourage everyone to review our press release , financial investor Supplement and presentation upcoming 10-q filing These materials . include the latest updates on our consolidated and segment results , strategic initiatives and guidance .

Bruce Schuman: These materials include the latest updates on our consolidated and segment results, strategic initiatives, and guidance. Thank you to our students, team, partners, and investors for your ongoing support. I'd now like to turn the call over to the operator for Q&A. Operator?

Speaker #2: Thank you to our team, partners, and investors for your ongoing support. I'd now like to turn the call over to the operator for Q&A.

Speaker #2: Operator .

Operator: We will now begin the question-and-answer session. To ask a question, you may press Star, then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press Star then two. At this time, we will pause momentarily to assemble our roster. Our first question is from Alex Paris with Barrington Research. Please go ahead.

Speaker #3: now We will begin the answer session . To ask a question question , you may press star , then one on your telephone keypad .

Speaker #3: If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star, then 2.

Speaker #3: At this time , we will pause momentarily to assemble our roster . Our first question is from Alex Paris with Barrington Research . Please go ahead

Alex Paris: Hi, guys.

Speaker #4: Hi guys

Bruce Schuman: Hey, Alex.

Speaker #4: .

Speaker #1: Hey , Alex .

Alex Paris: Can you hear me?

Bruce Schuman: We can hear you great, Alex.

Speaker #4: me Can you hear ?

Alex Paris: Okay, great. I just was switching from my speaker. So, congrats on the quarter, better than expected, and we're on target for the full year. And you addressed this in your prepared comments, but just wanted to dive a little deeper into from a color perspective. Starts were pretty much consolidated starts were pretty much in line with my published estimate.

Speaker #1: hear you . We can Great . Alex .

Speaker #4: Okay , great . just was I from my speaker , so congrats on the quarter . Better than expected . And we're on target for the year full .

Speaker #4: And addressed you this in your prepared comments . But I just wanted to dive a little deeper into from a color perspective starts .

Speaker #4: Pretty much, it consolidated. Starts were pretty much in line with my published estimate, with stronger growth on the UT side and flat on the Concord side.

Bruce Schuman: Yep.

Alex Paris: with stronger growth on the UTI side, and flat on the Concorde side. Again, I hear you in that you're approaching it as a consolidated basis. And I absolutely expected some better performance out of UTI starts because of, I believe, more emphasis on it. I think you talked on the last conference call about perhaps shifting some marketing dollars to UTI Adult and UTI High School. I was just wondering, you know, what sort of additional color you could offer.

Speaker #4: Again , I hear you in that you're you're approaching it as a consolidated and a consolidated basis , and we and I absolutely expected some better performance out of UT starts because I believe more emphasis on it .

Speaker #4: I think you talked on the last conference call about marketing shifting some dollars to perhaps UT adult UT and school . I was high just wondering what sort of additional color you could offer .

Bruce Schuman: Sure. Well, thanks for confirming. I think the quarter, in terms of starts, came in exactly what we guided to, and, frankly, it came in exactly what we expected in both of the divisions. I think the most important thing to consider when we looked at Concorde starts for the quarter was they had over 26% increase in Q1 of last year. So their compare last year in Q1 was very, very high, and so we expected them to be about flat this quarter. We have been investing more aggressively in UTI in front of the launches of both, you know, Atlanta and San Antonio to be prepared for that, and we're starting to see the benefits.

Jerome Grant: Sure. Well, thanks for confirming. I think the quarter, in terms of starts, came in exactly what we guided to, and, frankly, it came in exactly what we expected in both of the divisions. I think the most important thing to consider when we looked at Concorde starts for the quarter was they had over 26% increase in Q1 of last year. So their compare last year in Q1 was very, very high, and so we expected them to be about flat this quarter. We have been investing more aggressively in UTI in front of the launches of both, you know, Atlanta and San Antonio to be prepared for that, and we're starting to see the benefits.

Speaker #1: Sure . Well , thanks for confirming . I think the the quarter in terms of starts came in exactly what we guided to .

Speaker #1: And frankly , it came in exactly what we the in both of divisions . think the I most important thing to consider when when we looked at at Concord starts for the quarter , had was they a over 26% increase in the first quarter of last year .

Speaker #1: So their compare last year in the first quarter was very, very high. And so we expected them to be about flat.

Speaker #1: The this quarter . have We been investing more aggressively in UT in front of the launches of both . You know , Atlanta and San Antonio .

Speaker #1: To be prepared for that . And we're starting to see the benefits . And as in his comments , you we're know , Bruce said absolutely on to track get what we to in terms of single high digit growth through the year , with double digit growth in the second quarter .

Bruce Schuman: And as Bruce said in his comments, you know, we're absolutely on track to get what we expected in terms of high single-digit growth through the year, with double-digit growth in Q2, and then mid- to high single-digit growth in Q4. So the teams are set. You heard my comments. The enrollments are rolling in right now on both of the campuses. Over 300 kids ready to start down in San Antonio. And, you know, I'll remind you that we said at peak, we our plan was to have a run rate of around 600 students on average in the building. And so we feel great about our ability to meet or exceed that campus.

Jerome Grant: And as Bruce said in his comments, you know, we're absolutely on track to get what we expected in terms of high single-digit growth through the year, with double-digit growth in Q2, and then mid- to high single-digit growth in Q4. So the teams are set. You heard my comments. The enrollments are rolling in right now on both of the campuses. Over 300 kids ready to start down in San Antonio. And, you know, I'll remind you that we said at peak, we our plan was to have a run rate of around 600 students on average in the building. And so we feel great about our ability to meet or exceed that campus.

Speaker #1: And then single digit mid to high growth in in the last in the last quarter . So the teams are set . You heard my comments .

Speaker #1: The enrollments are rolling in now right on both of the campuses . Over 300 kids ready to start down in San Antonio . And and you said at at peak , we our was to have a run rate of around 600 students on average in the building .

Speaker #1: And so feel we great about our ability to to meet or exceed that , that campus . We're in the water on But , you know , Atlanta .

Bruce Schuman: We're just getting in the water on Atlanta, but, you know, signs are very, very positive, initially there as well.

Jerome Grant: We're just getting in the water on Atlanta, but, you know, signs are very, very positive, initially there as well.

Speaker #1: Signs are very positive initially, as well as there.

Alex Paris: Great. And then what about investment into high school? In terms of what to look forward to-

Speaker #4: Great . And then what about investment into high school ? Yeah , we we added a number of high school reps

Bruce Schuman: Yeah, we added a number of high school reps.

Jerome Grant: Yeah, we added a number of high school reps.

Jerome Grant: ... We added a number of high school reps in the fall, and you won't really see that pay off till next fall, right?

Speaker #4: .

Speaker #1: We added a number of high reps in school the in the fall and that's you won't really see that payoff until next fall .

Bruce Schuman: Mm-hmm.

Alex Paris: Mm-hmm.

Jerome Grant: Because, you know, they're, they're focused on the kids who are juniors and seniors right now, mostly seniors, and are gonna be graduating in May. But, but the pipeline is filling quite, quite well, as, you know, as we head towards that May, June, July time period. So, you know, we really think we're gonna get the bang for the buck out of, out of that investment.

Speaker #1: Right . Because you know focused on the kids who are , they're they're juniors and seniors right now , mostly seniors and are going to be May .

Speaker #1: Right . Because you know focused on the kids who are , they're they're juniors and seniors right now , mostly seniors and are going to be graduating in But but the pipeline is filling quite , quite well as you as as we know , head May , June , July time period .

Speaker #1: So , you know , we really think we're going to get the bang for the buck out of , out of that The .

Bruce Schuman: The other encouraging thing, Alex, this is Bruce, on the UTI start. So it was really nice, kind of, across the board. Pretty much every channel was kind of that nice, mid-single digits. So we're encouraged about the start to Q1, as Jerome said.

Speaker #5: Other encouraging thing , Alex , this is Bruce on the UT starts . It was really nice kind of across . the board much Pretty every channel was kind of that nice mid digits .

Speaker #5: So we're encouraged about the start to Q1 . As Jerome said .

Alex Paris: Okay, and then while I have you, Bruce, just to recap on the CapEx comments. You said you're at $24 million year to date, you know, for the first quarter-

Speaker #4: And then Okay . while I have you , Bruce , just to recap on the CapEx comments , you said you're at 24 million year to date for the first quarter , and that's about 24% of full year expectations .

Bruce Schuman: Yep.

Alex Paris: - and that's about 24% of full year expectations? So you're expecting $100 million this year. I think you said that too, right?

Speaker #4: So you're saying that's $100 million this year, expected, right?

Bruce Schuman: That's correct. Our expectation is about $100 million for the full year. And just another quick note, of that $24 million, a full $19 million of that was growth CapEx. So similar to kind of that, roughly $8 million of OpEx, we had about $19 million of CapEx, purely focused on getting these new campuses, new programs rolled out that Jerome was talking about. So yes, that's correct.

Speaker #5: That's correct . Our expectation

Speaker #5: It's about $100 million for, I think, the full year. And just another quick note—of that $24 million, about $19 million of that was growth, similar to kind of CapEx.

Speaker #5: that , roughly 8 million So of opex . We had about 19 million of CapEx , purely focused on getting these new new campuses , rolled out that programs Jerome was talking about .

Speaker #5: So , yes , that's correct .

Alex Paris: We should, we should expect $100 million again in 2027. You've got 4 new campuses planned already at this point for 2027.

Speaker #4: should we should And we expect 100 million again in 2027 . You got four new campuses planned already at this point for 2027 .

Bruce Schuman: Yeah, it's gonna be probably at least $100 million. It could be slightly higher, but it's in that general quantum of $100 million. That's right.

Speaker #5: Yeah , yeah , it's going to be probably at least could be a slightly 100 . higher , but it's in that It general quantum of 100 million .

Speaker #5: That's right .

Alex Paris: Okay. That's, that's great. I'll get back into the queue. Thanks for that additional information.

Speaker #4: Okay . That's great . I'll get back into the queue . Thanks for that's that information . additional Great .

Jerome Grant: Great.

Bruce Schuman: Thank you.

Jerome Grant: Talk to you again soon.

Alex Paris: Yep, thanks.

Speaker #1: Talk to you soon . again

Operator: The next question is from Steve Frankel with Rosenblatt. Please go ahead.

Speaker #4: Thanks Yep . .

Speaker #3: The question is next from Steve Frankel with Rosenblatt . Please go ahead

Steve Frankel: Good afternoon. I'd like to ask a couple questions about the Heartland Fort Myers campus. When you first announced this, one of its unique characteristics was it was gonna be cash pay, because you hadn't had the growth restrictions removed. Now that those have been removed, is this ending up being a combination of government loans and cash pay, or is it still cash pay at this point?

Speaker #6: afternoon . I'd couple like to ask a questions

Speaker #6: about heartland the . Fort . Good Myers campus . you first When announced this , characteristics going to was it was be cash pay because you hadn't had the growth restrictions Now removed .

Speaker #6: have been removed , is this ending up being a combination government loans and cash pay , or is of it still cash pay at this ?

Jerome Grant: No, absolutely. Rolling forward, it's gonna operate like every other campus. You know, there are support programs associated with Heartland, but then also students have options to do you know government loans, Pell Grants, and the like. You know, my commentary around how the approval machine is working right now with the Department of Education is underscored by the Heartland situation, whereby we submitted and received our approval for Title IV funding there after getting accreditor approval. We submitted and achieved our approval within 72 hours. And so, the lines of communication are wide open and you know, we're aligned on our ability to move quickly to try to solve this workforce gap.

Speaker #1: No , absolutely .

Speaker #1: it's Rolling going to operate like every other campus . know , their support You with point heartland . But then also students have options to to do , you know , government loans , grants and the Pell know , my like .

Speaker #1: commentary around around You how the approval machine is right working now with the Department of Education is underscored the by situation where whereby we submitted and received our approval for title four there , after getting a credit funding submitted an we and achieved our our approval within 72 hours .

Speaker #1: so And of the lines are are wide communication open and you know , we're aligned on our ability to move quickly , to try to solve this gap workforce .

Steve Frankel: And, in terms of the quick response from regulators, is the same true on the state level in the states where you're operating, or are you still battling some bureaucracy there?

Speaker #6: And in the quick response from regulators , is same the true on the state level in the terms of , or are you still operating battling some bureaucracy , there states where ?

Jerome Grant: Well, no, not the same, not all the state levels. The state levels are operating as they always have, right? And, and, you know, sometimes as you enter new states, et cetera, it's one of the reasons why we talk about the timing of launching the 4 campuses that we've announced already for 2027 is, you know, sometimes state governments will only meet on a topic like this once every 6 months. And, you've got to wait in line, and if you get on that docket, you do, or you got to wait 6 months, and that can affect your start, of a campus. So far, for Fort Myers, for Atlanta, and for San Antonio, we're absolutely where we want to be.

Speaker #1: Well , no , not the same all the on state levels . state The always have , right ? levels are , you know , And sometimes as you enter new states , it's etc.

Speaker #1: talk about the , timing of launching four campuses that we've announced the already for 2027 is , sometimes you know , governments will only meet on state a topic like this once every six months .

Speaker #1: And you've got to wait in if you get, and got to wait six months. And docket, on that, your start campus.

Speaker #1: So of a affect Myers , for for Fort Atlanta , and for San Antonio , we're want to absolutely where we be . Our planning was in place .

Jerome Grant: Our planning was in place, the timelines are holding, and we're happy to see what's happening. But you know, with the regulatory environment in states, accreditors, and the federal government, you know, there sometimes can be some sway. I guess what we're signaling is, one of the biggest pieces of sway over time was Title IV funding and the federal government, and that's something that's operating quite well.

Speaker #1: The timelines are holding and and we're we're happy to see what's happening . But you know , with with the regulatory environment in states , accreditors and the federal government , you know , there's sometimes can sway .

Speaker #1: I guess what we're is one of the biggest of pieces signaling . Was was four funding and the federal title government . something And that's that's operating quite well .

Steve Frankel: Okay. And then, you know, I know the divisional profitability can swing around a lot, period to period, but the, you know, the margin pressure in the quarter at Concorde, what do we attribute that to, and do you expect margins to, you know, bounce back there fairly quickly?

Speaker #6: Okay . And then , you know , I know the divisional profitability can around a lot To period . , period . But the the margin in the at quarter Concord , what what do we that attribute to .

Speaker #6: expect do you to there fairly quickly bounce back

Bruce Schuman: Yeah, Steve, this is Bruce. So really the little bit of a decline there in EBITDA margins, frankly, on both sides, on the Concorde and the UTI side, that's directly attributable to these growth investments, right? We're gonna have kind of this profitability dip here this year that we're navigating through as we execute on these growth investments. That's all it is. There's nothing structurally, you know, wrong or something going on at the divisional level. It's really just the growth investment being applied appropriately as we navigate through that. That's what drove the decline.

Speaker #5: is Bruce . Steve this So really the a little bit of a decline there and EBITDA margins frankly on both sides on the and the UT That's Concord directly attributable to to these growth investments .

Speaker #5: Right . We're going to have kind of this side . profitability dip here this year that we're navigating we through as growth execute on these investments .

Speaker #5: That's all it is. There's nothing structurally known, wrong, or something going on at the divisional level. It's really just the growth investment being applied appropriately as we navigate through that.

Speaker #5: That's what drove the .

Steve Frankel: Okay, great. Yeah, I was just checking in on that. All right, thank you. I'll jump back in the queue.

Speaker #6: was just Yeah , I checking in on that . All right . Thank you . I'll in the Q jump back .

Bruce Schuman: Thanks.

Jerome Grant: Thank you.

Operator: The next question is from Jasper Bibb with Truist. Please go ahead.

Speaker #5: Thank you Thanks . .

Speaker #3: The next question comes from Jasper at Truist. Please go ahead.

Jasper Bibb: Hey, guys, just wanted to ask what, I guess, gives you confidence in the reacceleration for starts over the balance of the year? It sounds like in your framework, the fiscal second quarter starts would be particularly strong versus fiscal first quarter. So, I guess, just hoping to get some more color on the drivers of that improvement. Is it easier costs? Is it more marketing dollars?

Speaker #7: Hey , guys . I just wanted to ask , like , I gives you confidence in the starts guess acceleration for balance of the year .

Speaker #7: It like in your sounds the would be fiscal second quarter starts particularly strong framework , fiscal first So guess just hoping to quarter .

Speaker #7: more get some color on the I that improvement . Is it easier comps ? Is it more marketing dollars ?

Jerome Grant: Well, it's a combination of things. First of all, just to underscore, the Q1 starts were exactly where we guided to, and, you know, give us at least more confidence in the fact that the momentum continues to build. Q2, you start to build the momentum around some of the new programs that are starting, the campuses in the Dallas expansion, which is coming to life in Q2, and then the San Antonio campus, which opens. And so, you know, that's where you start to see the acceleration of start growth in that quarter, which leaves only Atlanta in the end of Q3, beginning of Q4 to open. So that's what we mean when we're talking about momentum.

Speaker #1: it's a Well , things . combination of just First of all , underscore the first quarter where starts we to guided exactly where give us at least more confidence in the fact that the momentum continues to build the second quarter , you start to build momentum the around new programs starting the campuses in the some of the .

Speaker #1: expansion , which is life in the second quarter . And then the that are San Antonio campus , opens . And which so know , that's where you , you start to acceleration of start growth in in that quarter , Atlanta in which leaves the only end to to of the fourth quarter open .

Speaker #1: third

Speaker #1: so that's when we're talking we mean what And momentum beginning of the .

Jasper Bibb: That makes sense. Then can you remind us, or frame for us how large those first start cohorts at San Antonio and Atlanta might be in Q2 and Q3?

Speaker #7: Remind us, can you frame for us, at a high level, how large the cohorts at those San Antonio and Atlanta might be in the second quarter and the third quarter?

Jerome Grant: Well, they're quite small, but remember, let's look at UTI. The first three quarters of the year are only half of the starts for the year, and then the fourth quarter is half, right? And so, you know, any swing of 25 or 30 students, which is maybe a cohort for, you know, starting a new aviation program, et cetera, can, it's sort of a law of small numbers, swings the numbers pretty significantly. And remember, we're gonna be opening over 20 programs this year.

Speaker #1: Well , they're they're quite small , but remember , look at the first three quarters of the year are only half of the starts UT , year .

Speaker #1: And then the fourth quarter is is

Speaker #1: right . And so you know , first start of swing 25 or 30 students , which is maybe a a cohort for , any starting a new aviation program , etc.

Speaker #1: you know , a law is sort of of small numbers , swings the pretty , numbers pretty significantly . And remember we're going to be we're going to be opening over 20 programs this And they're year .

Jasper Bibb: Right.

Jerome Grant: And they're all starting to come to life in Q2, Q3, and Q4. And so each one of them is individually small, but when you start putting them together, it starts to move the needle.

Speaker #1: all starting to come to life in the second , quarter . And so each one of them is individually small . But when you together , to move putting them the needle .

Speaker #1: .

Jasper Bibb: That makes sense. Last one for me. Just wanted to ask, you know, what you're seeing on marketing yields and student acquisition costs?

Speaker #7: That sense .

Speaker #7: That sense

Jerome Grant: We're continuing to see improvement. We're continuing to see that the tools we're putting into place are, you know, finding us efficiency and effectiveness in the channel. I think that, you know, a lot of the experiments we're doing with, you know, AI-driven technology, et cetera, is helping us quite a bit in the channel. Our targeting is much more precise, and therefore, we're able to get more leads for the buck in this space. So, you know, we're very happy with what we're seeing so far.

Speaker #1: We're see improvement . We're continuing to third and fourth see that the tools we're putting into place start it starts channel . think that , you are , of the know , a lot I experiments we're know , you know , AI driven technology , etc.

Speaker #1: , is helping is helping us quite a bit in doing the the , in Our targeting is much more precise , and therefore we're able to leads for for the buck in in this space .

Speaker #1: So, you get more very happy now, we're with what we're so seeing.

Bruce Schuman: Yeah, I would agree, Jess. Probably just add quickly, if you look at our marketing dollar efficiency as a percent of revenue, it is up a little bit, Q1 2026 versus Q1 2025, about a point or so, and that's directly tied to these new campus openings and new locations, new programs, and that's why it's ticked up a little bit, but it's for the right reason, to make sure we drive those enrollments.

Speaker #5: Yeah I would agree , would just add Jeff . quickly , if I you look at our marketing dollar efficiency as a percent revenue , it of is up a little bit .

Speaker #5: Q1 26 versus Q1 25 , about a point or so . And tied new campus that's new locations , new openings and that's why that ticked up a little bit , it's but it's for the right reason to to these drive those enrollments .

Jasper Bibb: Got it. Thanks for taking the questions, guys.

Speaker #7: Thanks for taking the questions , guys .

Operator: The next question is from Griffin Boss with B. Riley Securities. Please go ahead.

Speaker #3: next The question is from Griffin boss with B Riley Please go ahead Securities . .

Griffin Boss: Hi, good evening. Thanks for taking my questions. I appreciate all the color and transparency. So just one for me. I don't think I heard anything about this in the prepared remarks. On the last earnings call back in November, you discussed adjusted free cash flow expectations for fiscal 2026 of $20 to 25 million. I don't think I heard a reiteration of that. Just curious, if you could, if you had anything to update there, if you're still looking at that same level of free cash flow for the year.

Speaker #8: Thanks for evening . questions . I Hi . Good appreciate all and taking my transparency . So just the color one for me .

Speaker #8: heard think I anything about this in the remarks on the on the last earnings call back in November . you You I don't discussed cash flow expectations for 26 of 20 to 25 million .

Speaker #8: I don't think I a heard reiteration of that . Just if you curious you had anything to to update there or if you're still looking at that , that that level of free cash flow for the year

Bruce Schuman: Oh, yeah. Thanks, Griffin. This is Bruce. So yes, we're definitely reiterating that same level, kind of in the $20 to 25 million range for the year. And again, that's just directly attributable. You look at that sort of $100 million CapEx bill for this year, a full $75 million of that is growth CapEx. So that's what's driving kind of that dip in free cash flow. But yes, we're reiterating that same range. We feel really good about our execution, frankly. Q1, kind of right on spending 24% of the year. We feel really good about how that's playing out, and we are definitely reiterating that same range.

Speaker #8: .

Speaker #5: yeah . Thanks , Griffin . same So yes , we're definitely reiterating that same kind of in

Speaker #5: level . And year again that's just attributable . You look at directly that sort bill for $100 million CapEx A full this year .

Speaker #5: growth CapEx . So that's what's driving kind of dip 75 million of that is in free cash flow . But yes , of that same reiterating We feel really good about our range .

Speaker #5: the kind of right on 24% of of the spending year . We feel really good about how out . first quarter And we are definitely reiterating that same that's playing .

Speaker #5: range

Griffin Boss: Okay, got it. Great. Thank you, Bruce, and curious in the progress. Thank you for taking my question.

Speaker #8: Okay, got it. Thank you, Bruce, and it's great to see the progress. Thanks for taking my question.

Bruce Schuman: Great. Thank you.

Operator: The next question is from Eric Martinuzzi with Lake Street Capital. Please go ahead.

Speaker #5: Great . Thank you .

Speaker #3: question is The next from with Lake Martinuzzi Please go ahead .

Eric Martinuzzi: You talked about the positive momentum out of the gate at the Fort Myers Heartland campus. Curious to know if there's any appetite for other Heartland locations and what the timeline might be for that?

Speaker #9: You talked

Speaker #9: positive momentum gate out of the Fort at the

Speaker #9: Heartland campus . to Capital . Curious could if appetite for other heartland

Speaker #9: locations and there's what the we're timeline might be for .

Jerome Grant: Well, I mean, we have no new locations to announce, but we are in active conversations with them. They're happy, we're happy. We're seeing the signs pointing in the right direction. You know, it's early in the cycle. The first two cohorts did sell out. We have waiting lists associated with them, and their needs are not declining. So, you know, Heartland and other DSOs are very keenly interested in what we have, which is a very large dental hygiene program that can be scaled upon. So, nothing to announce today, but we're having some very healthy conversations.

Speaker #1: I mean, we—well, we have

Speaker #1: No new locations to announce, but Street is in active conversations with them. We're happy. They're happy. We are happy. Right now, we are seeing the signs pointing in the right direction.

Speaker #1: You know , it's early cycle . in the did sell out . We first two cohorts The have waiting associated them with and lists needs are not their .

Speaker #1: know , other dsos are heartland and very interested in keenly in you have , which is what we very a large hygiene dental program that can be scaled upon .

Speaker #1: So, nothing to announce today, but having some very good conversations.

Eric Martinuzzi: Okay. And then on the UTI side, as far as partner initiatives, anything new to report, and this can be across auto, diesel, aviation, partners pulling you, or asking more of you in calendar 2026?

Speaker #9: Okay . And then on the UT side , as far as partner initiatives , anything new to report . And this can across be auto diesel , aviation pulling partners you asking more you of calendar 2026 .

Speaker #9: in

Jerome Grant: Yeah, I mean, you know, one of the things that we've tipped to, and again, we don't have anything to announce today on the UTI side for that, is that, you know, the Heartland model has piqued a lot of keen interest from major manufacturers and employers on the UTI side as well, right? And as we've also said, you know, some people are in sort of a wait-and-see mode. Let's see what you get out of it. I think us selling out the first two cohorts has accelerated some of those conversations, because, you know, there are other sectors where the needs are just as high as they are in the dental areas.

Speaker #1: mean Yeah I one of the things that , you know , tipped to don't again , have anything

Speaker #1: to today on the on the side UT we don't that . Is that , for the heartland has model piqued of keen a lot interest from or manufacturers and on the side as employers Is Right .

Speaker #1: well . because , you of those are , there other Some sectors where the needs are just as as high they are in in , in the areas .

Speaker #1: and as we've also in sort of a wait know , some Let's see what mode . said , you out the selling and see first two core you get out accelerated .

Jerome Grant: And so, you know, our business development team is actually working quite hard to work on some of those deals as well.

Speaker #1: dental , you know , business development And our working quite know deals of those as well work on some

Speaker #1: dental , you know , business development And our working quite know deals of those as well work on some team is Yeah .

Eric Martinuzzi: Yeah, thanks for taking my questions.

Speaker #9: Thanks my for taking questions .

Jerome Grant: Sure.

Operator: The next question is from Raj Sharma with Texas Capital Bank. Please go ahead.

Speaker #10: Sure .

Speaker #3: Next, the question is from Texas Capital Bank. Please go ahead, Sharma.

Raj Sharma: Yeah, thank you for taking my questions. Again, congratulations on a beat and reiterating the year. I had a couple of questions on the just the EBITDA, noticing the EBITDA margins, even after adjusting the growth OpEx, it seems like the margins are slightly lower than last year. Any sort of color there?

Speaker #11: Thank you Yeah . for my taking questions again . Congratulations on a beat and reiterating the year . I had a the the EBITDA just questions on , noticing the margins EBITDA , even adjusting the after growth opex , it seems like the margins are slightly then lower last year , any sort of color there

Speaker #11: ? Well ,

Bruce Schuman: Well, I mean, thanks, Raj. This is Bruce. The vast majority of that decline year-over-year is the growth investment. I mean, there could be some timing variability. For example, in Q1, like I mentioned before, our sales and marketing has ticked up a little bit as we get ready for some enrollments here in our new campuses. But by and large, the vast majority of our decline this year is due to the growth investments. The underlying base business, we are still expanding margins on the core if it weren't for the growth OpEx.

Speaker #5: Roger , this is Bruce . thanks . The vast majority of that decline year I mean , is the growth investment . I mean , there could be some timing variability , for Q1 , example , in like I mentioned before , our marketing has ticked up a little bit get ready as we here enrollments by and large , the vast majority of our year decline this due to investments .

Speaker #5: campuses . The underlying base is for some are But still in our new business . margins core . If it We weren't for the for the growth opex .

Jerome Grant: Yeah, I think the modeling is important to lay out here, which is, you know, after growth investments last year, or without growth investments, we would have printed around $133 million in adjusted EBITDA. Our baseline pointer right now for this year is somewhere in the mid-$150 range.

Speaker #1: Yeah , I think modeling the the is important to here , you which is , know , after growth

Speaker #1: investments year lay out last or without growth have investments , we would printed around adjusted 133 million in EBITDA . Our our baseline pointer right now this year somewhere in the mid 150 is 156 that's that's the core margin growth .

Bruce Schuman: Only 56, that's right.

Jerome Grant: That's the core business margin growth. So, you're definitely gonna see it.

Speaker #1: So , that's you're definitely going to see it . range .

Speaker #1: So, that's, you're definitely going to see it. Range. Business.

Bruce Schuman: That's right.

Raj Sharma: Right. So it's the timing, you know, through the year, the baseline core EBITDA is gonna move up. I-

Speaker #10: .

Speaker #11: Right right . So timing you know it's the year the baseline the the core EBITDA is going to move up . I even .

Jerome Grant: Yeah.

Raj Sharma: Even-

Jerome Grant: Exactly.

Speaker #10: Exactly .

Raj Sharma: Got it.

Jerome Grant: Exactly.

Speaker #11: Got it . Just because right . So on do you the old can you give starts some color on the campuses . Are performing they consistently ?

Raj Sharma: Right. So on starts, do you break out the old... Can you give more, some color on the old campuses versus the new campuses? Are they performing consistently? I mentioned- I think, Bruce, you mentioned consistently mid-single digits across. Is that true for the old, all of the campuses across? Anything stands out?

Speaker #11: I mentioned I Bruce , you mentioned think , consistently mid-single digits across . Is that true for the old all , all of the campuses across ?

Jerome Grant: Well, we're now in year three at Austin and Miramar, and so they're not considered new campuses anymore. We're just-- We wanted to outline for you, so that, you know, folks can have confidence in the models we're putting together for all the new campuses that we're launching, that both of them are performing at and significantly above what those models were. But, you know, the new campuses are just coming online right now, and we won't have, you know, the ramp rates on those probably until next year to be able to talk about. So, I, you know, I don't like to call them old, but every campus right now is in the same boat. They're all at run rate, and so, no, we don't have any variation to report.

Speaker #11: Anything stands

Speaker #11: Anything stands on the We're

Speaker #11: out . now .

Speaker #1: in year at three at Austin and We're now so they're not Miramar new campuses anymore . We're just we wanted to outline for you to so know , folks can have confidence in that , you models we're putting together for all the campuses we're that launching that new are that both of them performing at .

Speaker #1: were And models , above what those the models were . , you know new , the But are just coming online right now .

Speaker #1: And we won't have , you know , the ramp rates on those probably until next year to to be able to talk about .

Speaker #1: don't like to So , call them I , you know , I but every old , is in the right now boat . They're all at run rate .

Speaker #1: And and so no , we don't have any , any variation to report

Raj Sharma: Got it. And you also, you don't break out the young adults versus the high school students. Is there any sort of-

Speaker #11: think . I And you also you don't break out the young

Speaker #11: adults versus high school students . Is any sort of .

Jerome Grant: Nope.

Speaker #10: No

Bruce Schuman: No, we don't.

Jerome Grant: We don't. Well, I mean, we've always talked at UTI about the three different tributaries of our, you know, of the UTI piece. Now, it's inconsequential on the Concorde side. The average demographic is somewhere between 25 and 35 years old, so there's no such thing as young adults versus older adults. But on the UTI side, you know, around 35% of the students come right out of high school. You're not gonna see any of those until the fall, right? And then the balance, 15% come from military, and then the balance are people who, as I've always said, are people who should have come right after high school but went out into the unskilled labor market and are now looking for a career.

Speaker #5: No no Don't

Speaker #5: we .

Speaker #10: we don't .

Speaker #1: Well I mean . we we

Speaker #1: we've talked at always we've UT about the , Got it . the three different our , of our , of the UT piece .

Speaker #1: You know, it's inconsequential on the Concord. Their average demographic is somewhere between 25 and 35 years old. So there's no such thing as young adults.

Speaker #10: Versus .

Speaker #1: But on the side, you see somewhere in the older adults. Around 35% of the, you know, students come right out of high school, but you're not going to see any of those until the—

Speaker #1: Right ? And then the , the , the fall balance , 15% come from military and then the balance are people who , as I've always said , are people who should have after high school but went out into the unskilled labor market and are now looking for a career .

Jerome Grant: So, you know, just about everything you're seeing right now in Q1, Q2, and Q3 is that adult population. You know, so that's probably the best contour I can give to you for right now.

Speaker #1: And so , you just about know , everything you're seeing , now in Q one , two and three , that adult population and and you know , so that's is probably the right best contour I can give to you for , for right .

Raj Sharma: Got it. Got it. So consistently, the different campuses are performing consistently, you know, they're gonna grow, the EBITDA is gonna, the core EBITDA is gonna improve. So there is no sort of change. It's business as usual.

Speaker #10: Got it .

Speaker #11: Got it . So consistently the , the different and our campuses performing consistently . You know they're going to grow . They're the going to EBITDA is going to improve sort of change .

Speaker #11: the core businesses .

Jerome Grant: Yeah, I mean, the variation-

Raj Sharma: Other than-

Speaker #10: Usually I mean the variation on

Jerome Grant: The variation on the legacy campuses over the next four years is gonna be variation driven by the timeline for implementing new program replications on those campuses. You know, we're opening four new programs in Dallas with the expansion that we put into it. So Dallas is gonna grow at a higher rate than putting one program on another campus. But so you sort of have to look at how we're distributing the program replications, which is, you know, over 20 this year across the 33 campuses. And those are really the only variations you're gonna see off of sort of the normal run rates that we've given you.

Speaker #10: variation , the

Speaker #10: variation . the

Speaker #1: legacy campus over On campuses , over the next four years is going to be variation driven .

Speaker #1: with the expansion that we put into grow at is going to a higher Dallas it . than So putting one program on , on on another campus .

Speaker #1: But so you sort of have to how we're distributing the at replications , which program is , you know , over 20 this year across the the 33 campuses and , and those are really the variations you're going to see off of sort of the normal only run rates that you .

Bruce Schuman: That's right, Raj. But like for like programs, there's a very high degree of consistency between campuses and how they perform.

Speaker #5: That's right . But like for . Like

Speaker #5: Programs, there's a very high degree of consistency we've given between campuses and how they perform.

Raj Sharma: ... Got it. Got it. Thank you. And then one last question for me. Are you at all concerned that there could be, you know, DOE or regulatory changes if the Democrats take the midterms? And especially-

Speaker #11: it . Got it . Got Thank you . And then one last question for me . Are you are you at all concerned that there could that you know be , , Doe or regulatory changes if the Democrats take the midterms and especially new school , new if , approvals as you move forward ?

Jerome Grant: Uh

Raj Sharma: New school, new school approvals as you move forward?

Jerome Grant: No. The reason is that new school approvals and the regulations associated with that are directly associated with the Department of Education and those regulatory bottlenecks. They are not legislatively approved. They're approved by that department. So, we don't anticipate any changes in what's going on with the department. Now, that being said, I just wanna be clear, we operated and grew quite well during the Biden administration, right?

Speaker #1: No. And the reason is, is that school approvals and the regulations associated new with that are directly associated with the Department of Education and those regulatory bottles.

Speaker #1: They are not approved . They're legislatively that department . approved by And so we don't any anticipate changes going on in what's the department .

Speaker #1: Now , that I just be clear . We operated and grew quite well during the Biden administration . being said , It with , yes , that approvals move more slowly .

Raj Sharma: Right.

Jerome Grant: Is that, yes, approvals moved more slowly. There were more regulations on the, on the channel in that timeframe. But when you graduate 70% of your students and 85% get jobs in market within a year, you're operating above the fray of anybody that, that anybody's keeping their eye on as a bad player. And so, you know, regardless of, of, a red or blue administration, you know, our, our plan operates quite well.

Speaker #1: There were more regulations on the on the channel that frame time . But when you graduate , 70% of your students and 85% get jobs in within a year , market operating above the fray of anybody that that anybody's keeping their eye on as a bad you're And player .

Speaker #1: so , you know , regardless of of red or blue administration , you know , our our plan operates well .

Raj Sharma: Got it. Thank you so much for answering my questions. I'll take it offline. Again, congratulations on the solid results.

Speaker #11: Thank you Got it . so for much answering my questions . I'll take it offline Congratulations on the solid results .

Jerome Grant: Thank you so much.

Bruce Schuman: Thanks, Rosh.

Speaker #1: Thank you so much .

Raj Sharma: Cool, thanks.

Operator: The next question is from Mike Grondahl with Northland Securities. Please go ahead.

Speaker #11: Thanks .

Speaker #3: The next question is from Mike Grondahl with Northland Securities . Please go .

Mike Grondahl: Hey, guys. Thank you. First question, just, you know, peeling the onion back a little bit on San Antonio and Atlanta, it sounds like those are off to good starts. Would you say you spent the marketing dollars you expected to, to help those? Did you spend a little less? Just kinda curious in this demand environment, how that went.

Speaker #12: guys . Thank Hey you

Speaker #12: guys . Thank Hey

Speaker #12: just you know , peeling the onion back a little bit on San Antonio . And Atlanta . It . those

Speaker #12: Are off to good starts. Would you say it sounds like you haven't quite spent the marketing dollars you expected to to help those?

Speaker #12: Did you spend a little less? Just kind of curious, in this demand environment, how that went.

Bruce Schuman: So I'll give you my perspective, Mike. Yes, we did spend some incremental marketing on those. We feel very good about sort of the initial signals we're getting on enrollment pipeline is quite good. You know, frankly, a lot of our, you know, $8 million even, we talked roughly $8 million of growth OpEx, was sort of very focused on San Antonio, Atlanta, getting those ready to, to open well and, and make sure the expansions even, and the program expansions were done, on those campuses. So, yeah, we did spend some more, and we feel good about the initial yield we're getting from that investment.

Speaker #12: ?

Speaker #5: So I'll perspective . Mike . did Yes , we incremental marketing on those . We feel about sort of the initial signals we're getting on enrollment pipeline is quite good .

Speaker #5: give you my

Speaker #5: You know , frankly , a lot of , you know , our $8 million even we talked roughly $8 million of growth . OpEx was very focused on San Antonio , Atlanta , getting those ready to , to to open .

Speaker #5: Well and make sure the expansion is even in the program . Expansions were done on those campuses . So so yeah , more and we about the we did spend some initial yield we're getting from that investment feel good .

Mike Grondahl: Got it. And then maybe for Jerome, you know, it seems like the macro backdrop from two years ago has gotten a lot better, and I'm talking one sort of four-year college return versus trade schools and just job demand helping. Where do you see the backdrop going from here the next couple of years? Can it continue to get better? Do you just want it to stay where it's at? I don't know, Jerome. I'd love your thoughts there.

Speaker #12: Got it . And then maybe for Jerome , you know , it seems like the macro backdrop from two years ago has gotten a lot better .

Speaker #12: And I'm talking one sort of four year college return versus trade schools . And just job demand helping . Where do you see the going from backdrop here the next couple of years ?

Speaker #12: Can it continue to get better ? Do you just want it to stay where it's at ? I don't know , your Jerome .

Speaker #12: thoughts . .

Jerome Grant: I mean, it, it took decades to, in a sense, atrophy the, the sort of cultural divide between the trades and four-year education, right? Starting in the eighties, when, when high school started drying up their CTE programs and adding more academic subjects, 'cause we felt like we were falling behind in terms of academics in America. It took decades for that to atrophy. I don't think that there's a switch that flips overnight that, you know, suddenly alternatives to a four-year education become much more popular for a lot of students than a four-year education, right? That being said, you are seeing an inflection point where there's significantly more energy being applied towards the awareness that we need a lot of tradespeople.

Speaker #1: I mean , it , it took decades

Speaker #1: to . In I'd love a sense , atrophy the the sort of cultural divide between trades and four year the education . Right .

Speaker #1: Starting in the '80s, when high school began drying up, CTE— their programs— started adding more academic subjects because we felt like we were falling behind in terms of academics in America. It took four decades for that to atrophy.

Speaker #1: I don't think that there's a switch that flips overnight that , you know , suddenly alternatives to a four year education become popular for a lot of students than a four year education , right ?

Speaker #1: That being said , you are seeing an inflection there's point where significantly more energy being applied towards the awareness that we need . A lot of know , the CEO of of tradespeople , you AI companies saying AI is one thing , but I can't build data centers because I don't have electricians and welders , and my my data centers are are the behind .

Jerome Grant: You know, the CEO of, of AI company saying, "AI is one thing, but I can't build data centers 'cause I don't have electricians and welders, and my, my data centers are falling behind." Those are the kind of things that are making people say, "Well, wait a minute, everybody doesn't have to be, you know, a sociologist or a teacher, et cetera. Being a welder is a great thing to do. Being an electrician is a great thing to do." And so we're seeing the, the movement, and we're seeing that in the interest, and we're seeing that in, in our relationship in Washington as being much more collaborative around, okay, what else can we do to encourage this?

Speaker #1: kind of things that are making Those people say , well , wait a everybody doesn't have to be , you know , minute , sociologist or a teacher falling , etc.

Speaker #1: welder is a great thing to do . Being an being a is a great electrician do . And so thing to we're seeing the the movement and we're seeing that in the interest and we're seeing that in , in our relationship , in Washington as being much more collaborative around , okay , what else can we do to encourage this ?

Jerome Grant: But, you know, I don't and I do think that that's going to continue, because a lot of the changes that made are durable changes about what we're gonna build here in the United States and what we're not gonna build here in the United States, and, and that means the demand is gonna continue to increase. But, you know, but there's not a light switch that flips and, and the whole thing moves. It... We're gonna continue to fight the fight, get the message out, and, and I do think that the environment is gonna continue to evolve in this direction.

Speaker #1: But I don't, and I do think that that's going to continue, because a lot of the changes that were made are durable changes about what we're going to build here in the United States and what we're not going to build here in the United States.

Speaker #1: And and that means the the going to continue to increase . But , you know , but there's not a switch that light flips .

Speaker #1: And the whole thing moves . It . We're going to continue to fight the fight , get the message out . And and I do think that the environment is going to continue to , to evolve in this direction .

Mike Grondahl: Got it. And then maybe just lastly, quick, any updated thoughts on acquisitions?

Speaker #12: Got it . And then maybe just lastly , quick , any updated thoughts on acquisitions ?

Jerome Grant: You know, we've spent a lot of time in the last quarter really, you know, sort of getting the engine in - ready to execute on this aggressive plan. You know, with three campuses -

Speaker #1: we've spent a lot of time in the quarter really . You know , You last know , sort getting the of engine and ready to execute this on aggressive plan , you know , with three campuses in the shoot to open up in the next months , few 20 some programs opening in the next few months , that's taken our attention .

Mike Grondahl: Sure

Jerome Grant: ... in the chute to open up in the next few months, 20-some programs opening in the next few months, that's taken a lot of our attention. And as I've said, I think on other calls, you know, frankly, because of the macro environment we talked about in the question before this, there isn't that much inventory out there. There aren't that many people in the space who are saying, "I've got to get out of this business," because they're seeing what we're seeing, which is the ability to navigate more freely, the ability to move more quickly, and the ability to attract students in many, many, many major metropolitan areas. And so, you know, exiting has not been, you know, strong on the minds of many of the people that we see in the space.

Speaker #1: And as a lot of I've said , I think on on other calls , you know , frankly , because of the macro environment , we talked about in the question this , before there isn't that much inventory out there .

Speaker #1: There aren't that many people in the space who are saying , I've got to get out of this business because they're what we're seeing , which is the ability to navigate more freely , the ability to move more quickly , and the ability to attract students in many , many , many major metropolitan areas .

Speaker #1: And and know so , you , exiting is not been , you know , strong on the minds of , of many of the people that we we see in the space .

Jasper Bibb: Got it. Thanks, guys.

Mike Grondahl: Got it. Thanks, guys.

Speaker #12: Thanks ,

Jerome Grant: Sure.

Speaker #12: guys it . . Got .

[Company Representative] (Universal Technical Institute): Thank you.

Speaker #5: Sure . Thank you .

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Jerome Grant for any closing remarks.

Speaker #3: This concludes our question and answer session . I would like to turn the conference back over to Jerome Grant for any closing remarks .

Jerome Grant: Well, thank you, operator. I appreciate that. I'd like to thank everyone for attending the call today. Now, as always, Bruce, Matt, and I are available to follow up questions, and we encourage everyone, as always, to visit one of our campuses. We had a lot of visits this last quarter from investors, and we really appreciate that interest. So if you're interested, we'd be happy to host you. We look forward to speaking to you at our next quarterly output, which will be in May. So thank you very much, and have a wonderful evening.

Speaker #1: Well , thank you . . Appreciate that . Operator I'd like to thank everyone for attending the call today . Now , as always , Bruce , Matt and I are available to follow up questions and we encourage everyone , as always , to campuses .

Speaker #1: We had a lot of visits this last quarter from investors , and we appreciate really visit one of our that . interest . So if you're interested , we'd be happy to host you .

Speaker #1: We look forward to speaking to you at our next quarter . Quarterly output , which will be in May . So thank you very much and have a wonderful evening .

Operator: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

Q1 2026 Universal Technical Institute Inc Earnings Call

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